I also heard pilots in Australia can fly in airline ops as long as they can hold a medical.
Can anyone confirm either of these?
Yes, Aus. and NZ pilots can
theoretically hold a licence with no age restriction providing that they can pass the medical. Whether an airline will continue to employ them would be dependant upon the Terms and Conditions of that airline with regard to age, but it was on the grounds of age discrimination that the situation was successfully challenged.
However, with regard to NZ - can't answer for Aus. - the CAA move the medical goalposts to suit themselves, I know of one pilot who has spent mega-dollars fighting them, been supported by Court action but still denied as appeal still follows appeal.
Personally I met the requirement for a CPL medical, as decided by the licensed medical examiner, who issued all the paperwork for a renewal certificate to be issued, but the NZ CAA demanded 'extra' tests due to my -then - age and then refused a CPL, but allowed a PPL.
Subsequently I decided not to pay their demands for extra tests when the PPL was due for renewal and recently opted for a Recreational Pilot Licence, for which the standard is a Bus Driver Medical - the recreational flying licence has many flying restrictions place upon it, but these are better than no flying at all - and the Land Transport Authority accepted my medical standard without restriction for the two year validity of their certificate, but the NZ CAA, who took many years of consultation before they signed off on the RPL medical standard, refused the two year period and demanded more expensive 'tests'.
I'm not paying, I'll buy a boat.
Dunno about Europe.